Cattle Market Slides on Weak Cash Market

Live cattle futures saw sharp losses in most contracts on Thursday, as June closed a tick off limit down. Long liquidation was the theme, with preliminary open interest in June alone dropping 8,813 contracts. Feeder cattle futures felt the pressure from live cattle, down $2.975 to $3.55 in the front months. The CME feeder cattle index was down 6 cents to $145.78 on April 23. Wholesale boxed beef prices were lower on Thursday morning. Choice boxes were down 3 cents at $232.93 with Select boxes 53 cents lower @ $219.75. USDA estimated this week’s FI cattle slaughter at 478,000 head through Thursday. That was down 7,000 head from the week prior but 3,000 above the same week last year. Cash trades have been $126 in the South on Wednesday and $127 sales in NE on Thursday (down $3 wk/wk). Beef export sales in the week of April 18 totaled 23,110 MT, the third largest this year. ---provided by Brugler Marketing & Management

Market Commentary provided by:

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